Greek politics: economic crisis or crisis of democracy?

Greece’s economic instability has become the Western world’s longest-running monetary crisis. Will Germany allow the EU to keep propping up Greece’s unstable financial system? Will the country leave the eurozone? Will such a departure, if it occurs, unravel the idea of “Europe”? All valid questions. But behind them stands another equally profound social and political crisis that has made Greece the weak man of Europe.

Entrepreneurial failure and economic crisis: an historical perspective

This chapter analyses the major UK economic crises that have occurred since the speculative bubbles of the seventeenth century. It integrates insights from economic history and business history to analyse both the general economic conditions and the specific business and financial practices that led to these crises. The analysis suggests a significant reinterpretation of the evidence – one that questions economists’ conventional views.

Resilience planning, economic change and the politics of post-recession development in London and Hong Kong

For much of the 1990s and 2000s, the emphasis of urban policy in many global cities was on managing and mitigating the social and environmental effects of rapid economic growth. The credit crunch of 2008 and the subsequent recession have undermined some of the core assumptions on which such policies were based. It is in this context that the concept of resilience planning has taken on a new significance. Drawing on contemporary research in London and Hong Kong, the paper shows how resilience and recovery planning has become a key area of political debate. It examines what is meant by conservative and radical interpretations of resilience and how conservative views have come to dominate ‘recovery’ thinking, with élite groups unwilling to accept the limits to the neo-liberal orthodoxies that helped to precipitate the economic crisis. The paper explores the implications of such thinking for the politics of urban development.

Post-neoliberal electricity market ‘re-reforms’ in Argentina: Diverging from market prescriptions?

This paper focuses upon the policy and institutional change that has taken place within the Argentine electricity market since the country’s economic and social crisis of 2001/2. As one of the first less developed countries (LDCs) to liberalise and privatise its electricity industry, Argentina has since moved away from the orthodox market model after consumer prices were frozen by the Government in early 2002 when the national currency was devalued by 70%. Although its reforms were widely praised during the 1990s, the electricity market has undergone a number of interventions, ostensibly to keep consumer prices low and to avert the much-discussed energy ‘crisis’ caused by a dearth of new investment combined with rising demand levels. This paper explores how the economic crisis and its consequences have both enabled and legitimised these policy and institutional amendments, while drawing upon the specifics of the post-neoliberal market ‘re-reforms’ to consider the extent to which the Government appears to be moving away from market-based prescriptions. In addition, this paper contributes to sector-specific understandings of how, despite these changes, neoliberal ideas and assumptions continue to dominate Argentine public policy well beyond the postcrisis era.

European CMBS pricing: bond, mortgage and real estate characteristics

The recent global economic crisis is often associated with the development and pricing of mortgage-backed securities (i.e. MBSs) and underlying products (i.e. sub-prime mortgages). This work uses a rich database of MBS issues and represents the first attempt to price commercial MBSs (i.e. CMBSs) in the European market. Our results are consistent with research carried out in the US market and we find that bond-, mortgage-, real estate-related and multinational characteristics show different degrees of significance in explaining European CMBS spreads at issuance. Multiple linear regression analysis using a databank of CMBSs issued between 1997 and 2007 indicates a strong relationship with bond-related factors, followed by real estate and mortgage market conditions. We also find that multinational factors are significant, with country of issuance, collateral location and access to more liquid markets all being important in explaining the cost of secured funding for real estate companies. As floater coupon tranches tend to be riskier and exhibit higher spreads, we also estimate a model using this sub-set of data and results hold, hence reinforcing our findings. Finally, we estimate our model for both tranches A and B and find that real estate factors become relatively more important for the riskier investment products.

Risk premia in covered bond markets

The authors empirically explore risk premia in mortgage covered bond markets. Using a large panel dataset of covered bond asset swap spreads, they study the impact of different legal and economic environments. Conducting an in-depth analysis of this market, the authors find significant but small differences between countries during normal market periods. However, these differences are much stronger during times of economic crisis. Moreover, they find that developments in the real estate market are of relatively little importance during stable market periods. During economic distress, however, they are of high importance for explaining risk premia in covered bond markets

Industrial relations in South-Eastern Europe: disaggregating the contexts

This study critically evaluates industrial relations (IR) in South-Eastern Europe and points towards future practical and research-oriented opportunities in the region. A survey of organizational policies and practices has been used to explore the state of IR in both private and public organizations in this region. Specifically, the data, collected in 2009–2010 (including the latest changes due to the economic crisis), cover 840 different organizations located in Slovenia, Serbia, Bulgaria, Greece and Cyprus. We discuss the development of ‘regional-specific’ IR policies, the ‘importing’ of varieties of capitalism models, the diffusion of the European Union social model and the role of foreign MNCs in changing IR in the region.

Support for the far right in the 2014 European Parliament Elections: a comparative perspective

The May 2014 European Parliament (EP) elections were characterised by the success of far-right Eurosceptic parties, including the French Front National, UKIP, the Danish People’s Party, the Hungarian Jobbik, the Austrian FPÖ, the True Finns and the Greek Golden Dawn. However, a closer look at the results across Europe indicates that the success of far-right parties in the EP elections is neither a linear nor a clear-cut phenomenon: (1) the far right actually declined in many European countries compared to the 2009 results; (2) some of the countries that have experienced the worst of the economic crisis, including Spain, Portugal and Ireland, did not experience a significant rise in far-right party support; and (3) ‘far right’ is too broad an umbrella term, covering parties that are too different from each other to be grouped in one single party family.

Radical left-wing Euroscepticism in the 2014 elections: a cross-European comparison

This article examines the varied performance of radical left-wing Eurosceptic parties during the 2014 EP elections. While the performance of the radical right during this 'earthquake' election has been widely discussed, little attention has been paid to the radical left. The article examines the result comparatively, and identifies that: (1) across Europe, radical left-wing euroscepticism is limited to few countries, including Greece, Cyprus, France and Portugal; (2) the countries that have experienced the worst of the economic crisis did not experience a significant rise in far right-wing party support but did experience the rise of left-wing euroscepticism; (3) from this sample only Greece experienced the rise of both the radical right and radical left.

Revolutionary insurgencies, paradigmatic cases

This essay will examine and compare the production of women's writing during and after the Nicaraguan and Cuban Revolutions, a corpus that includes novels, poetry, and testimonies, but also features considerable generic hybridity. Since both revolutions are separated by some twenty years, each must be understood in the context of the specific ideological conditions that framed women’s participation in culture and revolution, and must also be considered in light of evolving gender discourses, both national and international. As such, these texts respond to both local and transnational paradigms of feminine subjectivity, and highlight the particular problems that arise from women’s insertion into the revolution and its representation in literature. These writers also have to negotiate the evolving context of revolution itself, with its moments of euphoria and disenchantment – and it is here that the greatest contrasts can be found between the two revolutionary instances and their political features: whilst Cuba’s revolutionary process has somehow survived economic crisis and created a level of political stability and continuity (not without its own problems), the Nicaraguan case is characterised by ruptures and resentments which are clearly reflected in the work of writers before, during, and after the Sandinista revolution, and which continue to the present day. This chapter will address the work of the most prominent woman writer of the Nicaraguan revolution, Gioconda Belli, whose main work reflects her involvement in the Sandinista struggle; ex-commander Mónica Baltodano has recently compiled a four volume piece with testimonials of men and women who participated in the organization and actions led by the Frente Sandinista de Liberación Nacional, and Violeta Barrios de Chamorro, former president of Nicaragua, who has recently co-authored an autobiography. There are other women poets to consider, especially under the auspices of the Asociación de Mujeres Nicaraguenses Luisa Amanda Espinoza, such as Vidaluz Meneses, Michele Najlis and Daisy Zamora. The testimonios compiled by Margaret Randall are also important pieces to consider for both Nicaragua and Cuba. The most important voices of the Cuban revolution still resident on the island are poet Nancy Morejón and writers Mirta Yáñez and Aida Bahr, with younger writers such as Adelaida Fernández de Juan and Marilyn Bobes representing a more recent generation.

The rise of the far right in debtor and creditor European countries: the case of European Parliament elections

While the 2014 European Parliament elections were marked by the rise of far right-wing parties, the different patterns of support that we observe across Europe and across time are not directly related to the economic crisis. Indeed, economic hardship seems neither sufficient nor necessary for the rise of such parties to occur. Using the cross-national results for the 2004, 2009 and 2014 EP elections in order to capture time and country variations, we posit the economy affects the rise of far right-wing parties in more complex ways. Specifically, we compare the experience of high debt countries (the ‘debtors’) and the others (the ‘creditors’) and explore the relationship between far right-wing party success on the one hand, and unemployment, inequality, immigration, globalization and the welfare state on the other hand. Our discussion suggests there might be a trade off between budgetary stability and far right-wing party support, but the choice between Charybdis and Scylla may be avoided if policy makers carefully choose which policies should bear the brunt of the fiscal adjustment.

Breaching the social contract: crises of democratic representation and patterns of extreme right party support

Why has the extreme right Greek Golden Dawn, a party with clear links to fascism experienced a rise defying all theories that claim that such a party is unlikely to win in post-WWII Europe? And, if we accept that economic crisis is an explanation for this, why has such a phenomenon not occurred in other countries that have similar conducive conditions, such as Portugal and Spain? This article addresses this puzzle by (a) carrying out a controlled comparison of Greece, Portugal and Spain and (b) showing that the rise of the extreme right is not a question of intensity of economic crisis. Rather it is the nature of the crisis, i.e. economic versus overall crisis of democratic representation that facilitates the rise of the extreme right. We argue that extreme right parties are more likely to experience an increase in their support when economic crisis culminates into an overall crisis of democratic representation. Economic crisis is likely to become a political crisis when severe issues of governability impact upon the ability of the state to fulfil its social contract obligations. This breach of the social contract is accompanied by declining levels of trust in state institutions, resulting in party system collapse.

Anticipatory governance for social-ecological resilience

Anticipation is increasingly central to urgent contemporary debates, from climate change to the global economic crisis. Anticipatory practices are coming to the forefront of political, organizational, and citizens’ society. Research into anticipation, however, has not kept pace with public demand for insights into anticipatory practices, their risks and uses. Where research exists, it is deeply fragmented. This paper seeks to identify how anticipation is defined and understood in the literature and to explore the role of anticipatory practice to address individual, social, and global challenges. We use a resilience lens to examine these questions. We illustrate how varying forms of anticipatory governance are enhanced by multi-scale regional networks and technologies and by the agency of individuals, drawing from an empirical case study on regional water governance of Mälaren, Sweden. Finally, we discuss how an anticipatory approach can inform adaptive institutions, decision making, strategy formation, and societal resilience.

Economic commodity or environmental crisis? An interdisciplinary approach to analysing the bushmeat trade in central and west Africa

Bushmeat is a large but largely invisible contributor to the economies of west and central African countries. Yet the trade is currently unsustainable. Hunting is reducing wildlife populations, driving more vulnerable species to local and regional extinction, and threatening biodiversity. This paper uses a commodity chain approach to explore the bushmeat trade and to demonstrate why an interdisciplinary approach is required if the trade is to be sustainable in the future.